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Baby boomers \u2014 those customers between the ages of 54 and 72 \u2014 are predicted to increase their spending by 58%\u00a0to $4.74 trillion over the next 20 years.<\/p>\n
That’s far more sales growth than millennials, whose spending will grow by only 24%.<\/p>\n
With an estimated 75.4 million baby boomers in the United States, retailers can’t afford to ignore this segment of the population.<\/p>\n
Here are 3 realities retailers often fail to recognize about their baby boomer customers.<\/p>\n
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Technology is a clear winner when used as the means to an end: Tablets for line-busting or to check inventory are welcome.<\/p>\n
Technology that is seen as distracting or as taking away from the customer experience is a no-no. The demographic is not digital-native, so the sales experience should be personal, with eye contact, helpful associates and relationship building, i.e., conversation.<\/p>\n
Only 12 percent of boomers said in a Colloquy survey that they rely on family and friends to help them decide on a purchase, so social sharing before buying is fairly uncommon.<\/p>\n
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The Colloquy report found that a whopping 84% of respondents said they preferred to shop in-store.<\/p>\n
That figure is likely tied to Boomers high expectations of personal service.<\/p>\n
There’s a tremendous opportunity for retailers that choose to invest in understanding this demographic’s characteristics.<\/p>\n
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And in significant numbers: 66%\u00a0of the segment reportedly make regular purchases using web devices, according to Immersion Active.<\/p>\n
In the United States, 70% of disposable income is attributed to Baby Boomers.<\/p>\n
As Boomers become more comfortable with ecommerce as well as social media-savvy, it’s likely they’ll be discovering and purchasing trending products online.<\/p>\n
As they become more “omnishoppers,” they may become the key to the success for many brands.<\/p>\n
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Retailers need to realize the importance of differentiating their demographics when implementing a sales strategy.<\/p>\n
Groups such as millennials, Gen X and baby boomers respond to sales techniques differently.<\/p>\n
And, while millennials might be grabbing attention with their brand awareness and focus on social media, retailers need to be aware of and cater to baby boomers\u2018 particular traits.<\/p>\n
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Baby boomers \u2014 those customers between the ages of 54 and 72 \u2014 are predicted to increase their spending by 58%\u00a0to $4.74 trillion over the next 20 years. That’s far more sales growth than millennials, whose spending will … Continue reading